MeritValue

AI Financial Corp

AIFCdata completeness 100%16 fiscal years on file
The thesis, from the filings

AI Financial Corp earns about -44% on invested capital, but has diluted owners by 2093% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2022FY 2023FY 2024FY 2025
Revenue$40M1$02$03$11.9M4$24.8M4
Net income−$16.9M5$11M6−$7.81M7−$7.57M8−$344.5M8
Operating cash flow−$5.29M9−$3.06M10$1.46M11$1.78M12−$7.16M12
Capital expenditure$1.66M13$808,00013——$11,00014
Free cash flow (derived)−$6.95M9−$3.87M10——−$7.17M12
Total debt$4.02M15$12.6M15$016$563,00017$563,00017
Cash & equivalents$705,00018$61,00019$5,00020$7.18M21$6.22M21
Diluted shares2.7M3.2M4.4M11.2M58.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$197.56
your share of equity
Profit it earned you last year
−$59.09
Free cash flow it threw off
−$1.23
Debt you’d be carrying
$0.1

10 shares is a claim on $197.56 of net worth that earned you −$59.09 and generated −$1.23 of cash last year, against $0.1 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-44% avg · 5y
FY22 —FY22 13%FY23 —FY24 -115%FY25 -30%

It earned an average -44% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2093% shares · 5y

Share count is up 2093% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 86% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-01-01 · accession 0000950170-23-013095 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-015260 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-30 · accession 0001628280-25-015469 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-28 · accession 0001493152-26-016259 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-01-01 · accession 0000950170-23-013095 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-015260 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-30 · accession 0001628280-25-015469 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-28 · accession 0001493152-26-016259 (NetIncomeLoss)
  9. 10-K · period ending 2022-01-01 · accession 0000950170-23-013095 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-015260 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-30 · accession 0001628280-25-015469 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-28 · accession 0001493152-26-016259 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-01-01 · accession 0000950170-23-013095 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2025-12-27 · accession 0001493152-26-016259 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-01-01 · accession 0000950170-23-013095 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2023-12-30 · accession 0001628280-24-015260 (ShortTermBorrowings)
  17. 10-K · period ending 2024-12-28 · accession 0001493152-26-016259 (LongTermDebt)
  18. 10-K · period ending 2022-01-01 · accession 0000950170-23-013095 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001628280-24-015260 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-30 · accession 0001628280-25-015469 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-28 · accession 0001493152-26-016259 (CashAndCashEquivalentsAtCarryingValue)